Woodford, M. (2003), Interest and Prices, Foundations of a Theory of Monetary Policy, Princeton University Press.

Woodford, M. (2006), How important is money in the conduct of monetary policy?, Paper presented at the Fourth ECB Central Banking Conference on “The Role of Money, Money and Monetary Policy in the Twenty-First Century”, November 9Figure 1: Initial and ex post estimates of the output gap, Germany 1974-1998*

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1) The measurement errors are defined as the differences between the ex post figures (March 1999 vintages) and the initial figures.

* The calculation is based on Bundesbank estimates of potential output.

Table 1: Statistics on historical errors in the measurement of key macro variables

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Figure 4: Measurement error in the output gap when the ex post series is based on the September 2005 series of GDP data*

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*With the revised series calculated by detrending the September 2005 vintage of GDP data with an HPfilter.

44 2006 Precautionary saving and income uncertainty in Germany – new evidence from microdata Nikolaus Bartzsch 45 2006 The role of technology in M&As: a firm-level Rainer Frey comparison of cross-border and domestic deals Katrin Hussinger

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08 2007 An assessment of the trends in international price competitiveness among EMU countries Christoph Fischer 09 2007 Reconsidering the role of monetary indicators for euro area inflation from a Bayesian Michael Scharnagl perspective using group inclusion probabilities Christian Schumacher 10 2007 A note on the coefficient of determination in Jeong-Ryeol Kurz-Kim regression models with infinite-variance variables Mico Loretan

Visiting researcher at the Deutsche Bundesbank The Deutsche Bundesbank in Frankfurt is looking for a visiting researcher. Among others under certain conditions visiting researchers have access to a wide range of data in the Bundesbank. They include micro data on firms and banks not available in the public.

Visitors should prepare a research project during their stay at the Bundesbank. Candidates must hold a Ph D and be engaged in the field of either macroeconomics and monetary economics, financial markets or international economics. Proposed research projects should be from these fields. The visiting term will be from 3 to 6 months. Salary is commensurate with experience.

Applicants are requested to send a CV, copies of recent papers, letters of reference and a

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